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Investment in innovation and operational capacity rose significantly compared to last year.

While this has increased net debt to over £200million, the group's spending has also increased efficiency in both its existing warehouses and the delivery network by around 3 per cent.

While operating results are of interest to investors, the main story for Ocado is not around current trading.

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Total group revenue increased 12.5 per cent to £713.8million

The shares change hands for well over 100 times next year's expected earnings per share, and the lofty valuation is based on expectations Ocado will secure lucrative licencing deals, which would see others pay to use the smart technology behind its online shopping operation.

Last month, Ocado announced a deal with a European retailer. Details are still thin on the ground, but nonetheless, it marks progress against the group's goal of securing multiple licensing deals, in multiple territories, in the medium term.

Recent developments across the pond have potentially changed the outlook on this front - Amazon's $13.7billion acquisition of Whole Foods will have ruffled a few feathers in retail boardrooms.

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Growth came from an increase in the average number of weekly orders processed

Ocado is hoping the deal will prove a catalyst in discussions with potential partners.

For other retailers, Ocado's technical wizardry offers a possible response to the entrance of the US giant.

The next few months could see key developments. Talks on deals may move forward, and with Ocado's new warehouses coming online, the group should showcase the full power of its technology.

One gets the feeling we are at the start of a crucial period for the group.

This article is designed for investors who make their own decisions without advice, if unsure whether an investment is right for you, you should seek advice. Shares can rise and fall in value so you could get back less than you invest.